Collins Adomako-Mensah is the Member of Parliament for Afigya Kwabre North
Member of Parliament for Afigya Kwabre North, Collins Adomako-Mensah, has commended the government and the finance minister for efforts that have seen the Ghana cedi stabilise around the GH¢10.2 to GH¢10.3 range to the US dollar, according to official figures from the Bank of Ghana.
Speaking on ChannelOne TVs’ Breakfast Daily show on Monday, July 28, Adomako-Mensah described the reported gains in exchange rate stability as “significant” and a welcome development.
However, he, also raised concerns about what he described as a growing disconnect between official data and the reality on the ground.
“There seems to be some disconnect with the official figures and what is happening on the ground. That is where the worry is,” he said.
He referenced recent market visits by Channel One TV, where currency traders expressed frustrations that although the official rate remains relatively stable, actual access to dollars remains difficult.
In many cases, he noted, commercial banks themselves are unable to meet foreign exchange demands and are allegedly directing clients to the parallel (black) market, where the rate is significantly higher, often between GH¢13.00 and GH¢13.30.
Adomako-Mensah also shared a personal experience where it took nearly two weeks to complete a simple international transfer due to forex shortages at the bank.
He acknowledged that although inflation has dropped, this improvement is not consistently reflected in market prices. He explained that while some traders have reduced prices, others attribute the stability to seasonal trends rather than lasting economic change.
“It’s good that we’re seeing lower inflation, but government must ensure it reflects in everyday market transactions,” he emphasised.
According to him, the managers of the economy must align the official rhetoric with lived realities in order to restore full public confidence in the government’s economic recovery narrative.
“If the stability can be sustained, it helps with planning. It helps businesses to focus on other priorities,” he said, but warned that without broader market alignment, the gains may be short-lived.
AS/VPO
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